About Pip My System

Dude! So you've read just about everything you could possibly get your hands on about the Forex. Now you want to get your feet wet but aren't sure where to start. Well then this blog is for you! Follow along as I take a simple forex trading system and apply it to an unsimple market. If you're new to the blog you should read this first.

Cowabunga System Daily Update: Tuesday, 05/20/08

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Main Trend

Current Trend= The trend remained down until 4am EST. From 12am – 4am EST, a new trend change candle formed and changed the trend from down to UP. After 4am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 4am EST. After 4am EST, I only looked for long trades.

My data shows that the crossover from short to long took place at 00:00am 05-20-2008 candle, on the 240min charts and not at 4:00am like yours. If the crossover took place at midnight, shouldn’t we be looking for long trades rather than short trade? If that was the case of long trade and not short trades, why not take the 2:15am trade?

hchomat

Can someone explain how to calculate the R-multiple and the meaning of its value? Thanks,

hchomat

Hi Pipsurfer: Once again thank you for your postings.

My data shows that the crossover from short to long took place at 00:00am 05-20-2008 candle, on the 240min charts and not at 4:00am like yours. If the crossover took place at midnight, shouldn’t we be looking for long trades rather than short trade? If that was the case of long trade and not short trades, why not take the 2:15am trade?

hchomat

Can someone explain how to calculate the R-multiple and the meaning of its value? Thanks,